Burr Ridge, IL Cost of Living

Burr Ridge cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

Displayed above is a general overview of the Burr Ridge, IL cost of living index. The overall cost of living index in Burr Ridge, IL is 168, which is 70% higher than the Illinois average and 68% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Burr Ridge, IL are 14% higher than the Illinois average and 15% higher than the national average.

Did you know?

The cost of living in Burr Ridge is 70% higher than the Illinois average.

The cost of living in Burr Ridge is 68% higher than the national average.

The cost of housing in Burr Ridge is 201% higher than the national average.

Compare Burr Ridge, IL Cost of living To Other Cities

Salary Calculator

I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is meant to help you compare your salary in Burr Ridge, IL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Burr Ridge, IL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Burr Ridge, IL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$134,414

$11,201

$3,136

$4,033

Renters

$74,922

$6,244

$1,748

$2,248

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Burr Ridge, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Burr Ridge, IL has a median income of about $134,414 for people who own homes. Based on that number, a person should spend a maximum of $3,136 on expenses related to housing. Renters have a slightly different median income, which is $74,922. Based on this average, renters should spend no more than $1,748 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

State

General Sales Tax

With Max Surtax

Illinois

6.25%

10.25%

Illinois Income Tax

State

Income Tax (Low)

Income Tax (High)

Illinois

3.75%

3.75%

One thing to keep in mind when considering the cost of living in Burr Ridge, IL is the Illinois sales tax and Illinois income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Illinois sales tax rate is 6.25% and the maximum surtax that can be charged is 10.25%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Illinois income tax rates range from 3.75% to 3.75%.

Goods & Services

Item

Burr Ridge

National avg.

Difference

Haircut

$20.00

$16.03

24.8%

Beauty Salon

$69.87

$37.37

87.0%

Toothpaste

$2.80

$2.44

14.8%

Shampoo

$0.98

$1.00

1.8%

Movie

$13.72

$10.25

33.9%

Bowling

$8.00

$4.94

62.0%

Groceries

Item

Burr Ridge

National avg.

Difference

Ground Beef

$4.33

$3.79

14.3%

Fried Chicken

$1.28

$1.39

7.8%

Milk

$1.95

$2.00

2.6%

Potatoes

$3.79

$3.00

26.3%

Pizza

$9.99

$9.83

1.6%

Beer

$8.49

$8.88

4.4%

Health Care

Item

Burr Ridge

National avg.

Difference

Optometrist

$95.00

$101.83

6.7%

Doctor

$100.00

$108.31

7.7%

Dentist

$102.33

$92.21

11.0%

Ibuprofen

$9.87

$9.28

6.4%

Lipitor

$414.41

$424.43

2.4%

Housing

Item

Burr Ridge

National avg.

Difference

Home Price

$645,400.00

$184,700.00

249.4%

Avg. Mortgage Payment

$1,785.17

$1,201.80

48.5%

Apartment Rent

$1,799.00

$949.00

89.6%

Transportation

Item

Burr Ridge

National avg.

Difference

Gasoline

$2.93

$2.24

30.6%

Tire Balancing

$55.00

$46.16

19.2%

Utilities

Item

Burr Ridge

National avg.

Difference

All Electricity

$130.69

$165.42

21.0%

Phone

$29.99

$28.71

4.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.